In the URAR form, what does the appraiser indicate in the 'Subject' column for site size?
Correct Answer
D) The actual site size of the subject property
Why this is correct: The URAR's 'Subject' column reports the actual, measured characteristics of the property being appraised. For site size, this is the subject lot's square footage or acreage as determined by the appraiser. Why the other choices are wrong: 'The typical site size for the neighborhood' belongs in neighborhood analysis, not the Subject column. 'The optimal site size' relates to highest and best use, not the actual property. 'The average of the comparable sales' site sizes' is for comparables, not the subject. Exam tip: The Subject column is for factual data about the subject property only.
Why This Is the Correct Answer
Option A is correct because the Subject column must contain only the actual, measured characteristics of the property being appraised. For site size, this means the precise square footage or acreage of the subject property's lot as determined through survey, public records, or field measurement. This factual data serves as the foundation for all comparative analysis and adjustments made in the sales comparison approach. Any deviation from actual measurements would compromise the integrity and reliability of the entire appraisal report.
Why the Other Options Are Wrong
Subject = Specific Facts
Remember 'Subject Stays Specific' - the Subject column contains only the Specific, actual facts about the property being appraised, never averages, estimates, or comparisons.
How to use: When you see any question about what goes in the Subject column of URAR, immediately think 'Specific facts only' and look for the answer that describes actual characteristics of the subject property itself.
Exam Tip
On exam questions about URAR form completion, always distinguish between what describes the actual subject property versus what involves analysis, comparisons, or neighborhood data.
Common Mistakes to Avoid
- -Entering typical or average neighborhood data in the Subject column
- -Confusing subject characteristics with comparable property data
- -Using estimated rather than actual measured dimensions
Concept Deep Dive
Analysis
The URAR (Uniform Residential Appraisal Report) form is structured with distinct columns that serve specific purposes in the appraisal process. The 'Subject' column is dedicated exclusively to documenting the actual, factual characteristics of the property being appraised. This includes physical attributes like site size, building square footage, room counts, and other measurable features. The subject column serves as the baseline against which comparable properties are analyzed, making accuracy in reporting actual conditions essential for a credible appraisal.
Background Knowledge
The URAR form follows a standardized format where the Subject column contains only factual data about the property being appraised, while comparable sales are listed in separate columns for analysis. Understanding this structure is fundamental to completing appraisal reports correctly and maintaining professional standards.
Real-World Application
When completing a URAR, an appraiser measures or verifies the subject lot as 0.25 acres from the survey. Even if neighborhood lots typically range from 0.15-0.35 acres, the appraiser enters exactly 0.25 acres in the Subject column, then uses the neighborhood range for context in selecting and analyzing comparable sales.
More Property Description Questions
An appraiser is analyzing three comparable sales with the following data: Sale 1: $350,000 with +$10,000 adjustments; Sale 2: $340,000 with -$5,000 adjustments; Sale 3: $360,000 with -$15,000 adjustments. What are the adjusted sale prices?
A lender orders an appraisal for a $300,000 residential loan. After receiving the appraisal, the loan officer contacts the appraiser requesting that certain language be changed to better support the loan approval. This scenario represents a violation of:
How often must appraisers complete continuing education to maintain their license or certification?
Under FIRREA, which federal agency was given the authority to set minimum standards for real estate appraisers performing appraisals in federally related transactions?
How often must licensed and certified appraisers complete continuing education to maintain their credentials according to AQB requirements?
FIRREA was enacted primarily in response to which financial crisis?
In a narrative appraisal report, which section would typically contain the appraiser's analysis of highest and best use?
A narrative appraisal report for a commercial property must include detailed analysis of income, expenses, and capitalization rates. This level of detail is primarily required because:
Under the Dodd-Frank Act, which entity is responsible for establishing appraisal standards for federally related transactions?
According to USPAP Standard 2, when must an appraiser include extraordinary assumptions in an appraisal report?
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